Mosaic Acquisition Corp. of New York City and Provo’s Vivint Smart Home Inc. have completed their merger that was announced last year. Mosaic is an investment firm created specifically to effect the merger. The resulting entity will be called Vivint Smart Home and began trading on the New York Stock Exchange under the ticker symbol VVNT on Jan. 21.
The transaction is one of the largest U.S. special-purpose acquisition company mergers ever, with an enterprise value of $4.2 billion, including additional equity of $488 million, Vivint said in a release.
Mosaic shareholders approved the transaction at a special meeting earlier this month. Existing Vivint investors and new investors supporting the transaction include affiliates of Blackstone and Fortress Investment Group LLC and anchor investors of Mosaic.
Vivint’s management team, led by founder and CEO Todd Pedersen and President Alex Dunn, will continue to lead the combined company. David Maura, executive chairman and chief executive officer of Mosaic, will join the combined company’s board of directors.
“In a market where it is difficult to find value, Vivint presents a unique opportunity to invest in the rapidly expanding home automation space,” said Maura. “I have made a significant personal investment in Vivint and I look forward to serving on the board as Todd, Alex and the team lead the company through its next phase of growth and development.”
“Completing our merger with Mosaic and becoming a publicly traded company is an important milestone for Vivint,” said Pedersen. “With the new capital from this transaction, we will strengthen our balance sheet and continue to invest to support our mission of helping families live more conveniently and intelligently with Vivint’s smart home platform. As we begin our next chapter, Vivint is well-positioned to achieve our goal of redefining the home experience.”
Vivint Smart Home is an integrated smart home system developer and marketer with in-home consultation, installation and support. Vivint has more than 1.5 million customers throughout the United States and Canada.